Statutory Instruments
2020 No. 211
Insolvency
The Insolvency Act 1986 (Prescribed Part) (Amendment) Order 2020
Made
3rd March 2020
Laid before Parliament
5th March 2020
Coming into force
6th April 2020
The Secretary of State, in exercise of the powers conferred by section 176A of the Insolvency Act 1986( 1 ), makes the following Order.
Citation and commencement
1. —(1) This Order may be cited as the Insolvency Act 1986 (Prescribed Part) (Amendment) Order 2020 and comes into force on 6th April 2020.
The Insolvency Act 1986 (Prescribed Part) Order 2003 amendment and transitional provision
2. —(1) The Insolvency Act 1986 (Prescribed Part) Order 2003( 2 ) is amended as follows.
(2) In article 3(2) for “£600,000” substitute “£800,000”.
(3) The substitution made by paragraph (2) does not apply where the company’s net property is available to be distributed to the holder of a relevant floating charge.
(4) A relevant floating charge is one —
(a) created before the date this Order comes into force, and
(b) in respect of which no floating charge over any of the company’s assets created on or after that date ranks equally or in priority.
Callanan
Parliamentary Under Secretary of State Minister for Climate Change and Corporate Responsibility
Department for Business Energy & Industrial Strategy
3rd March 2020
1986 c. 45 . Section 176A was inserted into the Act by section 252 of the Enterprise Act 2002 (c. 40) .